Grays Development Company, Inc #6156-#6163 | COLORADO

The collateral for this loan consists of 190 partially developed residential lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 190 lots are part of 13.7 acres that is being developed into 229 residential units consisting of five 20-unit condo buildings, four-10 unit condo buildings, and 89 single family residences. The 229 total units are part of a larger 800 lot community known as Victory Ridge which the borrower originally acquired back in 2018. The townhomes will average 1,600 square feet in size with an anticipated sales price averaging over $485,000. This is the fourth and final takedown the borrower has elected to take from the seller. Lokal Homes, the home builder of this project, is averaging nearly six sales per month since sales began five years ago.

Master Loan Amount: $18,650,000

Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.

Term: Nine months with two optional nine-month extensions at maturity. Final maturity date is 4/27/26. *For investments equal to or greater than $100,000 investors will earn 10.5%.

 

By |February 1st, 2024|Available Investments|0 Comments
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